It looks like the recovery we hoped for might not happen. On the night of March 8, EST, the bitcoin price fell below $9,000 USD after spending several days in a recovery period, where the price stayed between $10,000 and $11,000.
We Hope There Would Be a Recovery, But the Bitcoin Price Looks Bearish Again
Since the start of 2018, the bitcoin markets have held in a bearish pattern. However, in the last two weeks, the markets staged an exciting recovery that looked to be somewhat long term. Even Bitsonline’s official technical analysis called for a bullish breakout, considering the growth in the bitcoin price.
From our most recent technical analysis:
Even Japanese Candlestick Analysis shows bullish signals, with February reflecting more bullish days than bearish ones, and quotes could overcome the $12,000 resistance to leave the bearish channel, and sustain the ongoing lateral sideways movement.
But now, it looks like the bears may have but down that potential rally.
What Will the Bitcoin Price Do From Here?
At press time, the bitcoin price sits at $8,655 on GDAX, landing there after an attempted bounce to $10,000. With the price heading downward, we must ask: where do we go from here?
Where we stand now, the future trajectory really depends on if this downward pressure holds. If the bulls succeed in breaking the pressure, preventing this drop from turning into a downtrend, last week’s technical analysis will still hold, and we will continue the climb upwards.
However, if this downward push holds, we will reenter a bearish trend, and the important question will be: where is the bottom? Our previous analyses have identified the bottom as low as $3,500. But with the bullish activity we’ve seen, we may need new technical projections.
If we do reenter bearish territory, let’s just hope the floor won’t be too low.
What do you think will happen to the bitcoin price moving forward? Share your predictions in the comments below.
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